TFP Bureau, New Delhi; January 27, 2024: REC Limited, a prominent Maharatna Central Public Sector Enterprise under the Ministry of Power, has entered into a Memorandum of Understanding (MoU) with the National Investment and Infrastructure Fund Limited (NIIFL). The collaboration aims to forge innovative funding solutions for Renewable Energy Projects and substantial infrastructure initiatives in India.
The agreement was officially sealed on January 26, 2024, and reflects REC Limited’s dedication to propelling India’s growth through strategic financial alliances. As a leading Non-Banking Financial Company (NBFC) and a vital player in the power infrastructure sector, REC has committed itself to finance key projects essential for the nation’s progress.
Speaking on the collaboration, CMD, REC, Shri Vivek Kumar Dewangan, emphasized the shared vision for a robust and interconnected future. He stated, “Empowering India’s growth through strategic financial partnerships, REC Limited remains steadfast in its commitment to fueling the nation’s progress.”
The collaboration with NIIF aligns seamlessly with the broader strategy of NIIF to augment financing and attract private capital into the infrastructure sector. Shri Prasad Gadkari, Executive Director & Chief Strategy Officer at NIIFL, highlighted the partnership’s objective of developing innovative financial solutions to support major infrastructure projects.
The MoU signing ceremony was graced by the presence of key figures, including Shri Daljeet Singh Khatri, Executive Director (Finance) at REC, Shri Prasad Gadkari, Executive Director & Chief Strategy Officer at NIIFL, CMD of REC, Sh. Vivek Kumar Dewangan, and CEO and MD of NIIFL, Shri Rajiv Dhar.
Other notable attendees included Shri Ajoy Choudhury, Director (Finance) at REC, Shri V K Singh, Director (Projects) at REC, Shri K Mukundan, Sr. Principal – Strategic Initiatives and Policy Advisory at NIIFL, and Shri Saurabh Rastogi, Executive Director at REC.
About REC Limited:
REC Limited stands as a ‘Maharatna’ CPSE under the Ministry of Power, registered with RBI as a Non-Banking Finance Company (NBFC), and Infrastructure Financing Company (IFC). Specializing in financing the entire Power-Infrastructure sector, REC extends its support to Generation, Transmission, Distribution, Renewable Energy, and emerging technologies. Recent diversifications include Non-Power Infrastructure sectors like Roads & Expressways, Metro Rail, Airports, IT Communication, Social and Commercial Infrastructure, Ports, and Electro-Mechanical (E&M) works. REC Ltd. plays a pivotal role in supporting the Government’s flagship schemes for the power sector, contributing to initiatives like Pradhan Mantri Sahaj Bijli Har Ghar Yojana (SAUBHAGAYA), Deen Dayal Upadhaya Gram Jyoti Yojana (DDUGJY), and National Electricity Fund (NEF) Scheme, among others. The loan book of REC stands at Rs 4.97 Lakh Crore, with a Net Worth of Rs. 64,787 crores as of December 31, 2023.
